EARLY-stage Scottish company PhysioMedics, which has developed an online self-assessment platform for muscle and joint pain sufferers, has raised a further £750,000 in a funding round led by Archangels.
The Edinburgh-based business angel syndicate noted PhysioMedics’ fundraising efforts had also been backed by medical technology incubator BioCity Group, and taxpayer-backed Scottish Investment Bank. Archangels noted PhysioMedics had now raised a total of £1 million, having secured £250,000 of seed funding a year ago.
The company’s software, PhysioWizard, has been developed to match patients suffering muscle and joint problems with the most appropriate healthcare professional.
Archangels noted the tool had been clinically trialled to deliver assessments for all lower body regions. It added that PhysioMedics was on track to launch the full body triage tool next year.
Insurance and occupational health companies currently employ healthcare professionals to triage patients over the telephone, Archangels noted, declaring this was an “expensive and time-consuming use of resource”.
PhysioMedics managing director Kirsten Lord said: “PhysioMedics has come a long way in 12 months and this funding will enable us not only to develop our commercial platform but also explore opportunities in the US and Australia.”
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